Kuok Retains Top Spot On Forbes Malaysia Rich List

Last update: 26/02/2015

SINGAPORE, Feb 26 (Bernama) -- Tan Sri Robert Kuok and several other business tycoons retained their positions in the latest Forbes Malaysia Rich List, despite a dent in their net value due to a slump in oil prices and the ringgit.

Kuok, 91,whose businesses includes palm oil, sugar, shipping, real estate and hotels, retained the top spot for the 10th consecutive year.

His net worth, however, dropped US$200 million to US$11.3 billion.

The Kuok Group controls several listed companies in Hong Kong, Malaysia and Singapore, Forbes said.

He was followed by Ananda Krishnan with a net worth of US$9.7 billion, Tan Sri Quek Leng Chan (US$5.6 billion), Tan Sri Lim Kok Thay (US$5.5 billion), Tan Sri Teh Hong Piow (US$5.4 billion), Tan Sri Lee Shin Cheng (US$4.6 billion), Tan Sri Yeoh Tiong Lay (US$3 billion), Tan Sri Syed Mokhtar AlBukhary (US$2.9 billion, Goh Peng Ooi (US$1.55 billion), and Tan Sri Lee Oi Hian, Datuk Lee Hau Hian who together are worth US$1.45 billion.

Telecoms mogul, Ananda Krishnan, saw his wealth drop by US$1.6 billion to US$9.7 billion, partly because of a slump in the shares of Bumi Armada, his offshore oilfield services provider.

Telecom assets make up more than half his wealth, led by his controlling stake in Malaysia's Maxis, said Forbes.

Tan Sri Quek Leng Chan moved up to third spot from fourth previously, despite his net worth slipping by US$800 million from a year ago to US$5.6 billion.

His privately held Hong Leong Co., holds stakes in sectors from food to finance, on top of investments in oil and gas, alongside stakes in Indonesia's Samudra Energy, Malaysia's Scomi Energy Services, Alam Maritim Resources and Singapore's Ezion, a supplier of support vessels for oilfields.

The list, has four new faces, namely, real estate tycoon Khoo Cheng Hai at number 45 with a net worth of US$285 million and who made it to the list after shares of his KSL Holdings doubled; packaging specialist Lim Teck Meng of Scientex (No 46, US$280 million); oil-ship fabricator Ng Chin Heng (No 47, US$275 million) of Coastal Contracts, real estate tycoon and co-founder of United Overseas Australia, Kong Chong Soon (No 50, US$240 million).

Casino tycoon Tan Sri Lim Kok Thay of Genting Group took the fourth spot with a net worth of US$5.5 billion, down from US$6.5 billion last year, as China's economic moderation affected the region's casino gaming and entertainment sector.

The wealth of some on the list was affected severely, especially those with significant investments and ties to the oil sector.

Tan Sri Mokhzani Mahathir, an investor in oil and gas services provider, SapuraKencana Petroleum, saw his net worth fall to US$700 million from US$1.2 billion last year.

However, it was not all bad news for Malaysia's richest.

Tan Sri Lau Cho Kun, the Sabah-based tycoon, reached the billionaire ranks and as the 15th richest Malaysian, amid a robust plantation and trading revenue with a net worth of US$1.08 billion.

He holds the largest stake in Hap Seng Consolidated Bhd.

Software tycoon Goh Peng Ooi saw his net worth increase by some $450 million to US$1.55 billion and is the ninth wealthiest businessman in Malaysia.

His Silverlake Axis now provides financial software for 40 per cent of Southeast Asia's banks.

The minimum net worth to make the list this year was US$240 million, up from US$220 million.

The complete list can be found at www.forbes.com/malaysia as well as the latest issue of Forbes Asia.